Challenge to Swiss stamp duty reform secures support
Referendum supporters delivered signatures to the authorities on Tuesday.
Keystone / Marcel Bieri
Left-wing political parties and trade unions have gathered enough public support to forge ahead with a challenge to the proposed partial abolition of tax on financial transactions.
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A referendum with 70,000 votes was handed in to the authorities on Tuesday, which could trigger a nationwide vote on the issue.
In May the Swiss parliament decided to abolish capital duty on certain equity transactions, such as the issuance of shares for a capital increase.
Opponents argue that the reform would only benefit larger companies rather than small and medium-sized enterprises (SMEs).
Although the government calculates a CHF250 million ($270 million) tax shortfall from the reform, opponents fear that this is the first step in a series of tax reductions on financial services by banks and insurance companies which would cost a total of CHF2.2 billion – money needed to fight climate change.
The Swiss financial centre has lobbied for many years for an abolition of so-called stamp duties, which they argue make Switzerland less competitive than other jurisdictions.
A date for a nationwide vote will be set once the authorities have validated the signatures and the government and parliament discuss the challenge.
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Challenge launched against stamp duty reform and media funding
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A planned partial abolition of a tax on financial transactions in Switzerland is facing opposition ahead of a possible nationwide vote.
Tax on capital gains targets Switzerland’s wealthy elite
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A left-wing proposal for a new tax on shares, dividends, rents and assets seeks to fight the growing economic inequality in society.
Microtax: the latest in a line of big-idea citizen initiatives
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A people's initiative is giving new life to the old idea of taxing financial transactions. Can the “microtax” become more than a mere idea?
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